With FinCEN nearly one year late in its implementation of the Corporate Transparency Act, a bipartisan group of Senators is urging increased funding for FinCEN.
Senators Chuck Grassley (R-Iowa) and Sheldon Whitehouse (D-R.I.) have written to Senate appropriators a bipartisan request for the maximum possible funding for the Department of Treasury's Financial Crimes Enforcement Network (FinCEN).
FinCEN was required by law to implement the Corporate Transparency Act by December 31, 2021, but its efforts so far have lagged.
"FinCEN is at the tip of the spear in detecting financial schemes that fuel all kinds of illicit activity, from drug trafficking and human exploitation to terrorism. Sen. Whitehouse and I have worked for years to beef up our ability to follow the money and take down money laundering organizations. It's critical that FinCEN has the resources it needs to continue its important mission," Grassley said.
"Senator Grassley and I fought for years for new authority to tackle money laundering by international criminals, drug traffickers, terrorists, and kleptocrats. That work led to the 2021 defense bill, where we passed into law powerful new tools to trace dirty money through complicated financial schemes and hold those responsible to account. Now, we can put our new authority to work with funding that empowers FinCEN to go after kleptocrats, drug traffickers, and other bad actors around the globe. That will be a huge win for the rule of law," Whitehouse said.
Joining Grassley and Whitehouse's letter are Sens. Ron Wyden (D-Ore.), Bill Cassidy (R-La.), Jack Reed (D-R.I.), Todd Young (R-Ind.), Robert Menendez (D-N.J.), Catherine Cortez Masto (D-Nev.), Richard Blumenthal (D-Conn.), Elizabeth Warren (D-Mass.), Ben Ray Lujan (D-N.M.), Richard Durbin (D-Ill.), Raphael Warnock (D-Ga.), Mark Warner (D-Va.), Jeanne Shaheen (D-N.H.), Ben Cardin (D-Md.), Bernie Sanders (I-Vt.), Kirsten Sinema (D-Ariz.), Mark Kelly (D-Ariz.), Amy Klobuchar (D-Minn.), Chris Coons (D-Del.), Dianne Feinstein (D-Calif.) and Kirsten Gillibrand (D-N.Y.).
About The Author
Jonathan Wilson is the co-founder of FinCEN Report Company with 31 years of experience in corporate, M&A and securities matters. He is the author of The Corporate Transparency Act Compliance Guide (to be published by Lexis Nexis in the summer of 2023) and the Lexis Practical Guidance Practice Note on the Corporate Transparency Act.